Vajpeyi will be the chairman of Avendus Capital Public Markets Alternative Strategies LLP and also direct the firm’s offshore initiatives. He will also be an external adviser to Avendus Group CEO Ranu Vohra, the company said in a statement.

The hedge fund is managed by CEOs Andrew Holland and Vaibhav Sanghvi and was launched in February last year. It has been tapping into a network of high-net-worth individuals, multi-family offices and corporate treasuries to raise the corpus.

The Avendus Enhanced Return Fund has assets under management of $117 million, the company said, without disclosing any details.

Avendus has hired several executives over the past year and a half to lead various businesses. It had recruited Holland from Ambit Investment Advisory in September 2016. In late 2016, it hired Dhiren Mehta from KKR to grow its credit business and Sandeep Thapliyal from RBL Bank to head its non-banking financial business.